Thom Mpinganjira to lose FDH Bank

Information reaching faceofmalawi indicates that Thom Mpinganjira may lose ownership of FDH Bank as Financial Market Law prohibits convicts.

Reserve Bank Governor, Dr Wilson Banda confirmed of the development in an exclusive interview with the state controlled Malawi Broadcasting Corporation (MBC).

According to Banda, RBM already had a meeting with the board of the bank and expects them to issue a statement soon in that respect.

Mpinganjira is one of the major shareholders of FDH Bank as also owns FDH Financial Holdings, the parent company of the bank and First Discount House.

The convict is serving a 9 year jail sentence at Chichiri Prison after being found guilty on two charges relating to the 2019 Presidential polls case.

Mpinganjira attempted to bribe constitutional court judges to rule in favour of former President Peter Mutharika in the case.